India prepares to introduce new rules for regulating the crypto market
The details of the forthcoming laws were published by the Bloomberg portal
08.12.2021 - 09:15
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What’s new? Bloomberg's website has published material on the new rules for regulating the cryptocurrency industry in India. The portal cites its own sources.
What awaits the Indian users? As previously stated, India has decided not to ban cryptocurrencies, but to develop regulatory measures towards them. The authorities' plans include transferring the cryptocurrency regulation to the main financial markets regulator, the Securities and Exchange Board of India (SEBI).
In doing so, all cryptocurrency users will be asked to declare their assets within a certain grace period. In violation of these requirements, criminal liability will be introduced with fines of up to 200 million rupees or imprisonment of up to 1,5 years. Another possible innovation is the establishment of a minimum threshold for entry into transactions in the crypto markets.
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